South Africa to Hand $1B of Gadhafi Assets Over to Libya

Salah Malkawi/ Getty Images(CAPE TOWN, South Africa) — South Africa says it will return $1 billion in cash, gold and diamonds stashed in South Africa by the former Libyan leader Moammar Gadhafi.

Since Gadhafi’s downfall nearly three years ago, the Libyan government has been trying to get its hands on the $80 billion of overseas fortune amassed by the Gadhafi family.

The assets, including part of Cape Town’s waterfront, were owned by the Libyan Investment Authority, the Libya Africa Investment Portfolio and the Libya Africa Investment Company, with funds closely controlled by Gadhafi.